Current Affairs For UPSC

India-Oman Relation

Why in news ? 

Recently the Oman’s Sultan Haitham bin Tarik visited India, it marks a significant milestone as it is the first State visit by an Omani ruler in 26 years.

India-Oman Relation 

Economic Cooperation: 

• India is among Oman’s top trading partners. Bilateral trade in 2022-23 stood at around $12.3 billion between both the nations.
• India is the 2nd largest market for Oman’s crude oil exports for the year 2022 after China.
• India is also the 4th largest market for Oman’s non-oil exports for the year 2022 and 2nd largest source of its import after UAE.

Defense Cooperation:

1. Army exercise: Al Najah
2. Air Force exercise: Eastern Bridge
3. Naval Exercise: Naseem Al Bahr

Cultural relations : There is a deep socio-cultural bond between India and Oman, rooted in the strength of people-to-people contacts.

Indian Diaspora:

• There are about 7,00,000 Indians in Oman, of which about 5,67,000 are workers and professionals.
• There are Indian families living in Oman for more than 150-200 years.

What are the Key Highlights of the Bilateral Meet?

Bilateral Agreements:

• Both countries have signed agreements on cooperation in the field of information technology, combating financial crimes, culture, and the establishment of a Hindi chair of the Indian Council of Cultural Relations (ICCR) in Oman.

Comprehensive Economic Partnership Agreement (CEPA):

• Both nations are engaged in discussions to finalize a CEPA.
• Substantial progress has been made, and leaders from both sides emphasized concluding this agreement at the earliest to boost economic ties.

Oman-India investment Fund:

• The two sides announced the third tranche of Oman-India investment fund worth USD 300 million that would be used for channelising investment into the fastest growing sectors of the Indian economy.
• The fund was started as a 50:50 joint venture between the SBI and the Oman investment authority, with the first tranche of USD 100 million followed by USD 200 million.

Agreements between India and Oman

• In 2022, the Central Bank of Oman (CBO) signed a Memorandum of Understanding (MoU) with the National Payments Corporation of India (NPCI) to link the payment systems between the two countries.
• Another MOU between Oman News Agency and Asia News International was exchanged. The MOU facilitates the exchange of news and information between both countries.

Source – The hindu

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India – U.S. Anti-Money Laundering Dialogue

Why in news ?

Recently India and the U S co-chaired the India-U.S. Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT) Dialogue in New Delhi.

Focus on Accelerating Global AML/CFT Standards

Both parties acknowledged the “pressing need” to expedite the global implementation of AML/CFT standards for virtual assets in line with Financial Action Task Force (FATF) recommendations. The aim is to effectively address regulatory arbitrage, with a focus on responsible innovation while mitigating illicit finance risks.

Deliberations on Virtual Assets and Service Providers

Participants in the dialogue discussed their experiences with virtual assets and service providers, emphasizing responsible innovation while mitigating illicit finance risks. This dialogue occurred in the context of G20 leaders broadly endorsing a roadmap for dealing with crypto assets, incorporating tailor-made measures for emerging markets and developing economies.

Transparency in Beneficial Ownership

India and the US explored efforts to enhance transparency in beneficial ownership, including the implementation of beneficial ownership registries, tools to improve data quality, and verification of information. The statement highlights the importance of tracking the flow of funds and identifying those responsible for them to combat money laundering and financial crimes.

What are Financial crimes?

Financial Crimes are criminal activities carried out by individuals or criminal organizations to provide economic benefits through illegal methods such as drug trafficking, human trafficking, or terrorism.

Source – Indian Express

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International Humanitarian Law

WHY IN NEWS ?

Recently The bombing of Hospital in Gaza has pushed countries  around the world to label Israel’s recent aggressions as a “warcrime”, and a “violation of international humanitarian law”.

What is a War Crime?

• According to the United Nations, no single document in international law codifies all war crimes. Lists of what may count as a war crime can be found in various branches of

international law: humanitarian, criminal and customary law.

• According to the UN, a war crime occurs during armed conflict and is a breach of the Geneva Conventions and a violation of international humanitarian law also known as the “law of war”.

GENEVA CONVENTION

• International humanitarian law, particularly in times of war, is dictated primarily by the Geneva Conventions which Israel has ratified.
• Its four central conventions were formed by a series of treaties that took place between 1864 and 1949, with the first one being a shield for the sick and wounded in the armed forces.
• The Fourth Geneva Convention, established in 1949, was the first to call for the overall protection of people who do not take part in any hostilities – be it children, patients or healthy adult men

HAGUE CONVENTIONS

• The Hague Conventions address the conduct of warfare and allow for reciprocity toward an enemy party.
• The Hague Conventions adopted in 1899 and 1907 focus on the prohibition to warring parties to use certain means and methods of warfare.

ROME STATUTE

• The Rome Statute is a treaty that established the International Criminal Court (ICC).
• The International Criminal Court (ICC) is a permanent tribunal established in 2002 to prosecute individuals for genocide, crimes against humanity, war crimes, and the crime of aggression). The body is responsible for investigating and prosecuting Geneva Convention violations such as attacks on hospitals and historical monuments.

SOURCE – THE HINDU

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Multilateral Development Banks

Why in news ?

Recently, a G20 expert panel has recommended that Multilateral Development Banks (MDBs), should shift their approach from funding individual projects to focusing on sector-specific programs and long-term transformation plans as outlined by national governments.

What are Multilateral Development Banks?

• MDBs are international institutions comprising developed and developing countries.
• They offer financing and technical assistance for various projects in areas like transportation, energy, urban infrastructure, and waste management.
• Developed countries contribute to MDB lending, while developing nations typically borrow from them for development projects.
• MDBs have been instrumental in supporting the development of both low-income and middle-income countries (LICs and MICs) by addressing issues such as poverty reduction, infrastructure development, human capital formation, etc.

Need for reforms within MDBs

• To deal with the climate crisis: A reformed MDB ecosystem can equip stakeholders to better deal with global challenges in effective ways.
• Private sector engagement: The existing perception and practices of MDBs have adversely impacted their engagement with the private sector. MDBs are often seen as bureaucratic

and risk averse, which deters the private sector from being more involved in assisting with financing.

Role of MDBs in India’s Development:

• The World Bank, has committed to lending worth $97.6 billion in India, including all active and closed projects.
• The Asian Development Bank, has cumulatively committed to assistance worth $59.7 billion in India for project and technical assistance.
• The Asian Infrastructure Investment Bank (AIIB), has approved financing worth $9.9 billion in India.

WORLD BANK

• The World Bank Group is an international partnership comprising 189 countries and five constituent institutions that works towards eradicating poverty and creating prosperity. It traces its origin to the Bretton Woods Conference,1944.
• The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five

international organizations owned by the World Bank Group.

• Headquarters: Washington, D.C

ASIAN INFRASTRUCTURE INVESTMENT BANK (AIIB)

• AIIB is a multilateral development bank that provides financing for infrastructure projects in Asia.
• The bank was established in 2016 and has 109 members.
• Headquarters: Beijing, China

THE EUROPEAN INVESTMENT BANK

• EIB is the European Union’s development bank and is owned by the EU Member States. It is one of the largest supranational lenders in the world.
• The bank was established in 1958
• Headquarters: Luxembourg

ASIAN DEVELOPMENT BANK

• ADB is a regional development bank established in 1966 for Social and Economic Development. It has 68 members.
• Headquarters: Manila, Philippines.

स्रोत – The Hindu

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India-Korea Electronic Origin Data Exchange System

Why in news ?

India-Korea Electronic Origin Data Exchange System (EODES) for faster clearance of imported goods launched.

Objective of EODES

The Electronic Origin Data Exchange System aims to facilitate the seamless implementation of the India-Korea Comprehensive Economic Partnership Agreement (CEPA). It achieves this by electronically exchanging origin information for goods traded under the CEPA between the customs administrations of both countries.

Streamlining Customs Procedures

The system ensures that data fields in a Certificate of Origin (CoO) are promptly shared electronically by the exporting customs administration with the importing customs as soon as the certificate is issued. This streamlined process is expected to expedite the clearance of imported goods.

Commitment to Utilization

With the soft launch of the EODES, both sides reaffirmed their commitment to the system’s early utilization in a live environment. This commitment underscores the mutual acknowledgment that the launch marks a significant milestone in the flourishing bilateral relations between India and Korea. The successful implementation of the EODES is expected to enhance efficiency and collaboration in trade between the two nations.

India-Republic of Korea Bilateral Relations

• Diplomatic relations : They established diplomatic relations on 10 December 1973.
• Both countries formed a “Strategic Partnership”in 2010, which was elevated to “Special Strategic Partnership” in 2015 during the State Visit of Prime Minister Narendra Modi to Seoul.
• India’s Role in Korean War: India played an important role in the Korean peninsula after Korea’s independence in 1945.
• Former Indian diplomat Shri K P S Menon was the Chairman of the 9-member UN Commission set up in 1947 to hold elections in Korea .
• Economic Relations: Trade and economic relations gathered momentum following the implementation of CEPA in 2010.
• India and ROK launched an initiative ‘Korea Plus’ to promote and facilitate Korean investments in India.
• Bilateral trade in 2022 reached record levels of US$ 27.8 billion.
• India’s import volume stands at US$ 18.8 billion, while the export volume is US$ 9 billion.

Defence Relations: 

The Defence Ministers of ROK and India have been interacting regularly since 2015.

Service level talks across the three arms of the military are held annually.

Source – PIB

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India’s Stand on RCEP

Why in news ?

Association of Southeast Asian Nations (ASEAN) Secretary-General has said that Southeast Asian countries wants India to join the Regional Comprehensive Economic Partnership (RCEP).

What is RCEP?

• It is a China-led initiative for a regional trading bloc that will comprise one third of the world’s population and 29% of the world’s GDP.
• A regional trading bloc is a co-operative union where a group of countries agree to protect its member nations from imports of other non-members.
• RCEP is a free trade area (FTA) consisting of 10 ASEAN members and five of the bloc’s dialogue partners — China, Japan, South Korea, Australia and New Zealand. It was signed in 2020.
• Objective: To give preferential treatment for trade between the member countries either through lower tariffs, preferential market access, customs union or free trade in specific sectors.

India and RCEP:

• India was a founding member of the RCEP. In 2019, India decided to withdraw from the RCEP negotiations.
• India’s decision to exit the RCEP was based on concerns about the impact on its domestic economy.
• Primary concerns included fears of an influx of Chinese goods into the Indian market, affecting local industries.
• Issues related to mobility in services and reservations from the agriculture sector and small businesses were contributing factors.

Source – The Hindu

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Exercise Vajra Prahar

WHY IN NEWS ?

The 14th Edition of the Indo-US Joint Special Forces exercise “VAJRA PRAHAR 2023” commenced at the Joint Training Node, Umroi, Meghalaya.

About

• The first edition was conducted in the year 2010 in India and the 13th edition of the Indo-US Joint Special Forces exercise was conducted at the Special Forces Training School (SFTS), Bakloh (HP). The current edition is being conducted in Umroi Cantonment, Meghalaya from 21st November to 11th December 2023.
• During the course of the next three weeks, both sides will jointly plan and rehearse a series of Special Operations, Counter Terrorist Operations, Air Borne operations in simulated conventional and unconventional scenarios in mountainous terrain. Key highlights include ‘Combat free fall insertion of troops from stand-off distances’, ‘Water borne insertion of troops’, ‘Precision engagement of targets at long ranges’, ‘Combat air controlling of fixed wing and rotary wing aircraft’ besides ‘Airborne insertion and sustenance of troops’.

Other Military Exercises between India-USA

• Yudh Abhyas: Indian and USA armies
• Cope India: Indian and USA Air Forces
• Malabar Exercise: Navies of India, USA, and Japan.

Source : PIB

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